Thakur
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In a setback, the Foreign Investments Promotion Board (FIPB) of the Finance Ministry has yet again deferred a decision on the proposal for the merger of the Marathi channel 9X Jhakaas into INX Music.
The proposal was by INX Music Private Limited to undertake the additional activity of broadcasting of a non-news and current affairs channel by merging 9X Jhakaas.
INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment. Its proposal had earlier been deferred in January this year.
In August 2014, INX Music had made a fresh application to get clearance from the FIPB for this purpose. This would have effectively meant that 9X Media would have been on course to transfer its channel Jhakaas to its subsidiary arm INX Music.
The FIPB also deferred again an approval sought by Insight Media City (IMC) India for uplinking and downlinking of general entertainment channel (non-news category) and up-linking and down-linking of news & current affairs channel (news category).
The proposed activities of IMC also includes production, sale and purchase of movies; conducting arts, educational and business events; establishing media education institute; production and sale of programme contents; operation of radio stations; and media support services such as consultancy & marketing services.
Earlier this year, the FIPB had deferred a proposal by IMC India for allotting shares to a non-resident Indian.
IMC was incorporated on 21 March, 2013. FIPB was informed that IMC has received inward remittance of Rs 2.40 crore from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.
After the FIPB approval, 17.4 per cent of the total share capital in IMC India will be held by Mohammad, whereas the remaining 82.6 per cent will be held by resident Indians.
http://www.indiantelevision.com/television/tv-channels/music-and-youth/fipb-puts-off-inx-music-s-merger-bid-for-9x-jhakaas-150525
The proposal was by INX Music Private Limited to undertake the additional activity of broadcasting of a non-news and current affairs channel by merging 9X Jhakaas.
INX Music aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment. Its proposal had earlier been deferred in January this year.
In August 2014, INX Music had made a fresh application to get clearance from the FIPB for this purpose. This would have effectively meant that 9X Media would have been on course to transfer its channel Jhakaas to its subsidiary arm INX Music.
The FIPB also deferred again an approval sought by Insight Media City (IMC) India for uplinking and downlinking of general entertainment channel (non-news category) and up-linking and down-linking of news & current affairs channel (news category).
The proposed activities of IMC also includes production, sale and purchase of movies; conducting arts, educational and business events; establishing media education institute; production and sale of programme contents; operation of radio stations; and media support services such as consultancy & marketing services.
Earlier this year, the FIPB had deferred a proposal by IMC India for allotting shares to a non-resident Indian.
IMC was incorporated on 21 March, 2013. FIPB was informed that IMC has received inward remittance of Rs 2.40 crore from the NRI Alungal Mohammad and shares would be allotted to the NRI investor after FIPB approval. The existing shareholding in IMC is entirely held by resident Indians.
After the FIPB approval, 17.4 per cent of the total share capital in IMC India will be held by Mohammad, whereas the remaining 82.6 per cent will be held by resident Indians.
http://www.indiantelevision.com/television/tv-channels/music-and-youth/fipb-puts-off-inx-music-s-merger-bid-for-9x-jhakaas-150525
